DBS Group Research on “Singapore: The next 15 years of quality and inclusive growth”
Singapore, 22 Oct 2025 - Singapore's long-term growth path towards 2040 may be fraught with unexpected shocks but the outlook remains constructive. Amid the fast-changing world, the path ahead for Singapore continues to present opportunities: a resilient economy, trusted financial hub, thriving innovation ecosystem, and rising sectors such as sustainability, healthcare, and digital infrastructure.
Our DBS economic and industry teams delved deep into the forces shaping Singapore’s future, and three stand out as critical to sustaining its success:
The full report can be downloaded here.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Our DBS economic and industry teams delved deep into the forces shaping Singapore’s future, and three stand out as critical to sustaining its success:
- Powering Singapore’s Trillion Dollar Leap: Singapore’s GDP is projected to more than double from USD 547bn in 2024 to USD 1.2–1.4tn by 2040, anchored by capital accumulation, human capital and productivity gains. Services are poised to play an even greater role, driving nearly three-quarters of nominal gross value-added, underpinned by Singapore’s role as a global entrepôt, financial hub, digital and green leader, and expanding care economy. The report focuses on five sectors that will grow Singapore’s international competitive edge and keep Singapore liveable across generations. They are trade and connectivity; financial services; energy and climate; real estate; healthcare/social services. (See pages 11 – 21)
- Strengthening Currency – SGD on Track to a World-Beater: Disciplined policy and safe-haven appeal point to a stronger Singapore dollar, consolidating its role as one of the world’s most stable currencies, with the potential to reach parity with the US dollar by 2040.(See pages 30 – 32)
- Growing Capital Markets – STI’s Next Breakout: The Straits Times Index (STI) has broken a 17-year stalemate, surpassing 4,000 in 2025 and signalling a medium-term bullish shift. Liquidity reforms, global inflows and the EQDP should lift equity performance. We set out three growth trajectories of the STI over the next 15 years. If historical return patterns hold, the STI could rise to nearly 10,000 by 2040. (See pages 35 – 51)
The full report can be downloaded here.
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.